Change Funds and Petty Cash (Policy 6020)
University Policy 6020
Last Revision Date
Chief Financial and Operating Officer and Vice President for Finance and Operations, email@example.com
Scope and Audience
This policy applies to the procurement, use, and maintenance of University change and petty cash funds.
1. Policy Purpose
To provide guidelines for the establishment and use of change and petty cash funds.
2. Policy Statement
Certain revenue collection centers on campus require the use of additional cash for making change. Only when absolutely necessary, change funds are established for this purpose.
Authorized change funds or petty cash funds must be requested in writing to the Vice President and Chief Financial Officer.
3. Authority to Establish Funds
The authority to establish either a change or petty cash fund must come from the Vice President and Chief Financial Officer. A written request for authority to maintain a change or petty cash fund must be signed by a dean, department chair, or director. The person to whom such authority is granted holds overall responsibility.
4. Responsible Employee
Individual responsibility is established by assigning the fund to a specific employee. This employee is responsible for ensuring that the fund is secure and that proper procedures are followed until the monies are either returned to the Controller or until another employee is assigned responsibility.
5. Verification of Change Funds and Petty Cash Funds
a. All funds will be verified by the Controller’s office annually. Funds will be renewed or eliminated annually as appropriate.
b. Keeping portions of departmental deposits to be used as change funds is strictly prohibited. Petty cash funds are only funded through the Controller’s office.
6. Related Information
Petty Cash Change Fund Action Form
Last Review Date
February 15, 2022
April 2006; October 2007; April 2019